German business confidence unexpectedly rose to a record high in October after falling for two months in a row, a survey showed on Wednesday, suggesting that Europe’s largest economy had started the fourth quarter on a solid footing.The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 116.7 from an upwardly revised reading of 115.3 in September. The reading was higher than a Reuters consensus forecast for a value of 115.2.“Companies are very optimistic about the months ahead. They also upwardly revised their very favorable assessments of the current business situation,” Ifo chief Clemens Fuest said in a statement. “Germany’s economy is powering ahead.”
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